Exam 2 Review Outline Chapter 5 Market Research Questions to answer o What is marketing research Designing gathering analyzing and reporting information that may be used to solve a marketing problem Product Development Pricing studies Customer Satisfaction Assessments o Where did it come from TQM 1980 s Total Quality Management description of the culture attitude and organization of a company that strives to provide customers with products and services that satisfy their needs Customer Orientation Research to find customer reaction to product Research to compare a product to competitors Research to find problems with a product Examples look up Deming and Juran Cluster Analysis grouping similar info together into a cluster o Why is it important o What types are there Problem Definition Research Design Survey Research Data Gathering Data Analysis Report Preparation o How s it done specific company Applied Research designed to solve a specific problem usually for a Basic Research designed to extend knowledge of marketing phenomena McDonalds receives 2 200 complaints a day 70 is service related Half of those receive follow up So 33 per day are addressed Customer Complaints customers complain by Service Provider Responsiveness Sacrifice Switching and Sympathy o Problem Definition Exploratory Research qualitative research allows researchers to better define the problem by getting a first hand look at it Who Involved Manager Interviews Expert Interviews Secondary Date Qualitative Research o Research Design Two Types of Data Secondary info collected for a purpose other than research at hand Primary info gathered specifically for research objectives at hand Information Types Make sure to understand examples and details Exploratory describes less structured data collection methods Used in design to clarify the problem IE focus group Descriptive describes in detail the research data Causal identifies cause and effect between variables experiments or correlation and causation Chapter 6 Segmenting and Positioning Market Segmentation o Making sense of a huge market o Market Segmentation is the process of dividing up a market into smaller groups called segments The groups are designed to have similar wants and needs The idea is that firms can use their marketing mix to tailor products for the different groups Cluster Analysis Targeting Strategies o Undifferentiated entire market is target mix is theoretical homogenous market o Differentiated two or more segments 1 mix is The Gap o Concentrated single market segment 1 mix is single sites 3 Targeting Examples Segmentation Bases o Note that specialized subsets target specific customers o Demographics o Geographic o Psychographics personality motives lifestyles o Behavioristic o Use Related Segmentation Usage Rate Awareness Status Brand Loyalty o VALS Understand this concept Classify consumers based on psychological characteristics Correlated with purchasing behavior and related to key demographics o Nielsen s Claritas Provides market research and target marketing Forecasting o Sales Forecast o Time Series Analysis Trend Analysis aggregate sales data Cycle Analysis sales for 3 5 years to assess consistent fluctuations Seasonal Analysis daily weekly monthly sales to assess seasonal influences o Regression Analysis predicting sales based on finding a relationship between past sales and independent variable Uses historical data Not for new products o Test market making profits available in one or more test areas o Firms use multiple methods Positioning o Product Positioning o Perceptual Maps BMW Example o Re positioning Review Step 1 Segment Step 2 Target Step 3 Position Step 4 Reposition Chapter 7 Understanding Buyer Behavior What is Consumer Behavior simply choices made due to external or internal forces Consumer Behavior reflects visual consumption in order to show off one s status Why do people engage in conspicuous consumption Keeping up with the Joneses Social needs signal wealth and status that comes with wealth What about Conspicuous Sellers depends on the Relationship Norm Exchange Relationship Quid pro quo self interest self serving profit seeking Communal Relationship concern for others kindness and responsiveness Groupon Eliminates the cheap and poor coupon perception Clothing Size Vanity Sizing When companies alter measurement specifications for clothing to help consumers to fit into smaller sizes Universal Human Need Pursue maintain enhance and protect self esteem Appearance self esteem influenced by appearance related social comparisons Our Research Shows Vanity Sizing getting favorable self esteem feedback from the size willingness to pay more But what about getting unfavorable feedback Clothing size provides information about a consumer s physical appearance and can influence self evaluations appearance Engage in compensatory consumption to restore feelings in a given area like Purchase high status goods to try to repair esteem Our Research Shows When a clothing item fits and is a larger size than expected consumers cope via compensatory consumption by purchasing non sized appearance enhancing products Bottomless Bowls Let s disccuss What did he do in the study Drilled a hole in a soup bowl and table What were the different types of bowls When did people eat more Why Disposing Which can are consumers more likely to recycle Why Why should marketers care about this http www youtube com watch v VKlx8k49Eqg how consumer gets rid of offerings Routinized Habitual Decision Making Choices made with little to no conscious effort Limited Problem Solving Requires a moderate amount of time for information gathering Extended Problem Solving The consumer tries to gain as much information as possible from both internal memory and external advertising sources The decision is made by considering all of the attributes and considering how each brand rates on each attribute Consumer Decision Making Process Information Search Internal memory External ads friends observation Problem Recognition buyer aware of difference between desired state and actual Evaluation of Alternatives consideration evoked set product in memory retail Purchase cognitive misers Heuristics or mental shortcuts Post Purchase Dis satisfaction emotional reaction to purchase Cognitive dissonance buyer s doubts shortly after Internal search Scanning our own memory banks for information about product alternatives Requires prior experience repeat purchase External search Obtaining
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